Is it possible? Chinese New Year Will Push Down the Bitcoin Price

[Hena101]

It will effect it in both ways because if it can push it down during the new year i believed the price will rise again after the new year, that mean someone can buy and then sell it after the new year.

 

[Senator]

Well there is this believe somehow that the Chinese new years celebrations always have an impact on the Bitcoin price itself. I have not given myself into investing that claims yet though

 

[Setfragil]

I do not think that Chinese new year will have much effects on the the price of bitcoin as bitcoin miners in China can work from home during the Chinese holiday.

 

[Shigobad2020]

I think the price of Bitcoin will push down on the Chinese New Year on February 12, 2021. During the Lunar New Year holiday, it is estimated that there will be selling pressure on Bitcoin for the short term, so it is a golden opportunity to buy Bitcoin, and Bitcoin price volatility will last for a few weeks, so will mine more pressure on the Bitcoin price correction. Currently more than 60% of global Bitcoin miners are in China, and if they cash out some of their Bitcoin the price will go down. What do you think?

I dont really beleieve that Chinese New year can push Bitcoin down because bitcoin as we all know is volatile , its always up and down, and yes bitcoin was pushed down from around February but not for long.

 

[Dowenship]

It is highly possible for the event to affect the coin but I still think that it would be temporary. In the past, the Chinese new year have had not so much impact on the price of bitcoin that could have been worrisome.

I wonder how the new year whatever will have impact on bitcoin or crypto currency, like will they share bitcoin to all chinese citizen to driven the price down.

 

[Heatman]

I think the price of Bitcoin will push down on the Chinese New Year on February 12, 2021. During the Lunar New Year holiday, it is estimated that there will be selling pressure on Bitcoin for the short term, so it is a golden opportunity to buy Bitcoin, and Bitcoin price volatility will last for a few weeks, so will mine more pressure on the Bitcoin price correction. Currently more than 60% of global Bitcoin miners are in China, and if they cash out some of their Bitcoin the price will go down. What do you think?

Seriously, I have a very good reason to believe that almost everything would work negatively towards bitcoin or cryptocurrencies in general because it's a bad time for coins now.

 

[Elfinito]

China has banned every crypto activities in the country and this has seen a very bad effect on bitcoin bring the price from 53k crashing down to 43k

 

[Justin]

Not the Chinese new year or even the common chinese, but the chinese government has been trying to pull down bitcoin again and again by announcing bitcoin to be illegal and cracking down on mining operation.

 

[Shigobad2020]

I do not think that Chinese new year will have much effects on the the price of bitcoin as bitcoin miners in China can work from home during the Chinese holiday.

I don't really know why people normally have the believe that the new year celebration in china will affect the price of bitcoin throughout the world, when they (china ) Has banned the use of crypto currency.

 

[kayode10]

I don't think Chinese festival will have any effect on the price of cryptocurrency in the marketplace. The reason is that Chinese New Year does not have any connection with the uses of cryptocurrency. Also currency transaction is also banned in China.

 

[Nomad]

Chinese government has slapped down to bitcoin multiple times. In 2013, they slapped so that that the price dropped to $400 from $1300 just in few days. Earlier this year, they slapped had and again bought bitcoin to knees.

 

[Thinker009]

I am actually not sure if the Chinese still have impact in the price of Bitcoin , because they obviously would not contribute to the effect any longer since they have banned the use of Bitcoin ,no one would pay that close attention to them when it comes to trading

 

[Setho]

When you are going to check the historical data of Bitcoin you will notice that it always dips during the Chinese New year. I really do not understand why but I usually close my trades when it is approaching.

 

[greenie]

Well if they do sell coins it will surely have an effect with the price but will they sell just because of Chinese new year? I hope so, so i can finally buy some that's our only opportunity to buy for a lower price if that actually happens. And thanks for this information i will look forward to it.

 

[Ononivami]

During the major festive period, the selling pressure is always very high . Chinese is no doubt a force to reckon with in the cryptocurrency space. You would expect a little bit of price dip.

 

[Sincerem]

Well, the crypto currency exchange market is a high volatility system and various factors can influence the market prices and affects it's investment Margin. China is a whale and activities carried out over there could also have real effects on the crypto currency price.

 

[Popular]

It is possible only if the investors are ready to sell their Bitcoin during the Lunar New year festival. So, I think no one can actually tell if the price will drop, but since there is a possibility, it's best to prepare for it.

 

[HayKay]

I don't perceive so (my opinion might be wrong anyways) but what I feel is there's no pressure now on miners or holders to sell their assets - there are indicators the market might soon see a bullish run so people would hold more.

 

[joy101]

It can really happen it can affect the price of cryptocurrency because there is nothing that cannot be possible, we all know that the price of cryptocurrency are not stable, it can fell and also rise so it can be possible.

 

[Honny143]

China is the major bitcoin mining hub recently China banned bitcoin in their country and the results is bitcoin lost the 60% Price,in this situation I don't think bitcoin recover sooner.